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The difference between the bid and ask prices widens for example from 0 to 1 pip to 1—2 pips for currencies such as the EUR as you go down the levels of access.

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For this reason, the concepts of efficiency and productivity are held paramount by economists. Increased productivity and a more efficient use of resources, they argue, could lead to a higher standard of living. Despite this view, economics has been pejoratively known as the "dismal science," a term coined by by Scottish historian Thomas Carlyle in He may have written it to describe the gloomy predictions by Thomas Robert Malthus that population growth would always outstrip the food supply, though some sources suggest Carlyle was actually targeting economist John Stuart Mill and his liberal views on race and social equality.

There are also schools of economic thought. Two of the most common are C lassical and Keynesian. Since true experiments cannot be created in economics, empirical economists rely on simplifying assumptions and retroactive data analysis.

However, some economists argue economics is not well suited to empirical testing, and that such methods often generate incorrect or inconsistent answers. The building blocks of economics are the studies of labor and trade. Since there are many possible applications of human labor and many different ways to acquire resources, it is difficult to determine which methods yield the best results in equilibrium.

Economics demonstrates, for example, that it is more efficient for individuals or companies to specialize in specific types of labor and then trade for their other needs or wants, rather than trying to produce everything they need or want on their own. It also demonstrates trade is most efficient when coordinated through a medium of exchange , or money.

But of course, human behavior can be unpredictable or inconsistent, and based on personal, subjective values another reason why economic theories often are not well suited to empirical testing.

As it is, economic laws tend to be very general, and formulated by studying human incentives: Economics can say profits incentivize new competitors to enter a market, for example, or that taxes disincentivize spending. Economic indicators are reports that detail a country's economic performance in a specific area. These reports are usually published periodically by governmental agencies or private organizations, and they often have a considerable effect on stock , fixed income , and forex markets when they are released.

Many investors, analysts and traders don't actually focus on the final annual GDP report, but rather on the two reports issued a few months before: This is because the final GDP figure is frequently considered a lagging indicator , meaning it can confirm a trend but it can't predict a trend.

In comparison to the stock market, the GDP report is somewhat similar to the income statement a public company reports at year-end. The report estimates the total merchandise sold by taking sample data from retailers across the country.

This figure serves as a proxy of consumer spending levels. Because consumer spending represents more than two-thirds of the economy, this report is very useful to gage the economy's general direction.

Also, because the report's data is based on the previous month sales, it is a timely indicator. The content in the retail sales report can cause above normal volatility in the market, and information in the report can also be used to gage inflationary pressures that affect Fed rates.

Industrial Production The industrial production report, released monthly by the Federal Reserve, reports on the changes in the production of factories, mines and utilities in the U. See live rates for all pairs. Currency Strength Heatmap See where your currency ranks against other currencies traded against it.

Open a demo account to fine tune your trade strategies Try a demo account. Apply for a live account now and you could be trading in minutes Open a live account Trading involves significant risk of loss. Bonds Take a position on future interest rate movements while leveraging the security and stability of government treasuries. Forex trading FX, Foreign Exchange is the leveraged buying and selling of currencies against each other. You can learn more about the basics of currency trading by visiting the learn-forex-trading.

Which forex currency pairs and spreads are offered? You can find a comprehensive list of available currency pairs and current spreads here. To view all pairs on your MT4 platform, right-click any of the symbols listed in Market Watch section and choose "Show All". Forex market trading hours generally close at the end of the New York trading session on Friday afternoon and resume with the opening of the Asian session early Sunday afternoon, Eastern time. OANDA's hours of operation coincide with the global financial markets.

Please check the relevant Deposit Funds section for more details on how to fund your account. OANDA does not offer specific trading advice to our clients. However, we do offer a number of resources to help you learn and improve. What is the minimum deposit requirement for forex trading? You only need make sure to have enough equity to open positions of sizes you are comfortable with including margin requirements.

The OANDA platform supports margin trading, which means you can enter into positions larger than your account balance. Palladium is not available to residents of Canada.

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